Demand for Fractionalised NFTs Grows as Doge Meme Valuation Exceeds $300 Million

September 04, 2021, 11:15 AM AEST - 3 weeks ago

The Shiba Inu named Kabosu is not only the most popular dog on the planet, it’s been immortalised on the blockchain as the face of Dogecoin – now up for sale in pieces as a fractionalised NFT.

In June 2021, Kabosu’s owner, Japanese kindergarten teacher Atsuko Sato, minted the famous photograph as an NFT. The image (above) of her pet dog went viral, after unknowingly becoming the mascot for $DOGE – the cryptocurrency that started mass meme coin mania and whose valuation is now over US$300 million.

The NFT, aptly named Doge, was sold recently for a record-breaking price of 1696.9 ETH (over US$5.5 million) to investment collective PleasrDAO on August 31.

PleasrDAO is now offering up the NFT in parts to the broader Dogecoin community by fractionalising it into billions of pieces using fractional.art. The Doge NFT is now available for purchase in the form of $DOGE ERC-20 tokens, allowing for multiple owners.

First Auction Generates US$45 Million

The first auction of $DOGE took place on September 1 on miso.sushi.com, raising a total of 11,942 Wrapped Ethereum (worth more than US$45 million) from 1,796 buyers, according to figures from MISO.

Fractionalisation of an NFT allows owners to mint ERC-20 tokens. Unlike NFTs, which usually apply Ethereum’s ERC-721 token standard, the ERC-20 tokens are fungible and can be traded, sent and received on smart contracts running on the Ethereum blockchain. $DOGE is now available to exchange on fractional.art or on decentralised exchanges Sushi or Uniswap.

Ownership of the Doge NFT provides access to an exclusive set of activities brought to you directly by the Doge community. For more details, visit the Doge Discord.

Top “blue chip” NFTs have become insanely expensive and are now out of reach for many collectors as prices have gone through the roof: CryptoPunks, for example, recently hit US$1 billion in sales. CryptoPunk #543 has also been chopped up and sold as a fractionalised NFT, going for $1 per share.

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